The National Association of Realtors (NAR) and SALT, the American Student Assistance’s consumer literacy program, recently released a joint survey which found that 69% of millennials don’t feel financially secure enough to buy a home, and 63% can’t qualify for a mortgage because of their high debt-to-income ratios.
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While this amount of debt has risen, the homeownership rate has fallen, and fallen more steeply among younger generations. To evaluate those trends American Student Assistance® and the National Association of REALTORS® teamed up to conduct a survey of student loan borrowers who are currently in.
· The student loan debt report found that only 20 percent of millennials currently own a home. Millennials are typically carrying a student debt load of $41,200, which is more than their annual income of $38,800. The millennials in the survey who don’t own a home said that their student loan debt impacted their ability to buy a home.
THE PRESCHOOL PAY GAP. the job market. student debt delaying homeownership?: Even for borrowers who can handle their student loan payments, the burden of college debt often gets in the way of.
· NAR survey shows how college, student debt affect homeownership Arrested development: The long-term consequences of student debt on the housing economy [Video] Here’s how student loans hold back.
Carrying student-loan debt also tends to adversely affect millennials’ attitudes about their college experience, according to an INSIDER and Morning Consult survey. shows student loans are at least.
Moreover, the evolution of homeownership rate across time varies between the two groups, suggesting that combining individuals with no student loan debt and with or without college education into a single group could indeed confound statistical findings related to the relationship between homeownership and student loan debt.
Those are the figures reported in a survey by the National Association of Realtors and SALT, a consumer literacy program provided by American Student Assistance, according to the article “NAR survey shows how college, student debt affect home ownership” by Kelsey Ramirez on HousingWire.com.
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